USDJPY Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.82% | 113.2 Pips |  |
||
| Week 2023-06-02 | -0.46% | -64.8 Pips |  |
||
| June | 0.47% | 64.8 Pips | |
||
Upcoming key events for the new week (London Time)
Thu 12:50 AM JPY GDP (3-mth)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
What happened over the week
🇺🇸 Nonfarm Payroll Employment in May exceed forecast and rose to 339K compared to previous figure 294K in April (revised from 253K) Source: Bureau of Labor Statistics 🇺🇸 In the week ending 27 May, the Initial Unemployment Insurance Claims rose to 232K compared to previous figure 229K Source: Department of Labor 🇺🇸 Nonfarm Business Labor Productivity in Q1 below forecast and improved to -2.1% compared to previous figure -2.7% in Q4 Source: Bureau of Labor Statistics 🇺🇸 U.S. ADP Non-Farm Employment Change in May dropped to 278K compared to previous figure 291K (revised from 296K) 🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%) 🇯🇵 Japan Jobs / Applicants Ratio in April unchanged at 1.32 points compared to previous report in March. The actual figure is also in line with the forecast Source: JILPT 🇯🇵 Japan Unemployment Rate in April below forecast and dropped to 2.6% compared to previous figure 2.8% in March Source: Statistics Bureau of Japan
What can we expect from USDJPY for the new week and what happened on Friday?
USDJPY on Friday rose 0.82% to 139.95. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-06-02, the pair dropped -0.46% or -64.8 pips lower.
Looking ahead on Monday, USDJPY looks mixed as the pair is likely to consolidate above week low of 138.43.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 140.93 or at least consolidates above Weekly Pivot level of 139.77. On the downside, we are looking at week low 138.43 or 138.61 (WS1) as immediate support level. USDJPY need to break on either side to indicate a short-term bias. A close below week low of 138.43 would indicate selling pressure.
For the month of June, USDJPY is up by 0.47% or 64.8 pips higher.
Weekly key levels to watch out:
| R3 | 143.61 |
| R2 | 142.27 |
| R1 | 141.11 |
| Weekly Pivot | 139.77 |
| S1 | 138.61 |
| S2 | 137.27 |
| S3 | 136.11 |
You might also be interested in:
Payroll employment increases by 339,000 in May; unemployment rate rises to 3.7% Source: Bureau of Labor Statistics Construction Spending Source: Census Bureau
Consumer Confidence Survey Source: Cabinet Office Preliminary Report on Petroleum Statistics (April 2023) Source: Ministry of Economy, Trade and Industry Preliminary Report on Current Survey of Production (April 2023) Source: Ministry of Economy, Trade and Industry Preliminary Report on Indices of Industrial Production (April 2023) Source: Ministry of Economy, Trade and Industry Preliminary Report on the Current Survey of Commerce (April 2023) Source: Ministry of Economy, Trade and Industry Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023 Source: Federal Reserve (BOJ Review) Developments in and Characteristics of Japan’s FX Market: An Analysis Based on the 2022 BIS Triennial Central Bank Survey Source: Bank of Japan Trade Statistics (First 10 Days of May 2023 [Provisional]) Source: Ministry of Finance
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